Local microfinance institutions in Haiti will be the recipients of $1 million in grants from Citigroup which will be distributed via three of those institutions to aid in the rebuilding of the microfinance industry, which was devastated, along with the rest of the country, by the earthquake and the aftermath from it.
Receiving the grants will be SOGESOL, Fonkoze and FINCA Haiti, who will use the capital to help the country develop economically over the long term, create jobs, and preserve livelihoods, according to a company press release.
The target of the grants will be to empower the organizations to reach out further and deeper to the local micro entrepreneurs who were harmed the most from the earthquake.
The giant financial institution estimates their grant will have a positive impact on a minimum of 13,000 Haitian micro entrepreneurs who are working to rebuild after the devastation.
Citi CEO Vikram Pandit said this in the press release:
“Our commitment to the people of Haiti is stronger than ever. We have operated locally in the country since 1971, connecting individuals and organizations to products and services to meet their business and financial goals. We are proud to support leading local microfinance organizations, such as FINCA, Sogesol and Fonkoze, to help contribute to Haiti’s economic recovery and empower those most in need. This grant reflects our work with microfinance institutions in 60 countries around the world to support small business, drive job creation and empower individuals to become economically self-sufficient.”
